44A. Limit on interest in certain cases.
Notwithstanding anything contained in any agreement or any law for the time being in force, a society (including a co-operative bank and a Co-operative Agriculture and Rural Multipurpose Development Bank)] shall not for any loan (including rehabilitation loan but excluding long-term loan for irrigation or agricultural development purposes or loan exceeding 3[rupees ten thousand] for non-agricultural 4* * purposes) given by it to any member (including a member-society) for a period not exceeding 15 years, whether the loan was given before or is given after the commencement of the Maharashtra Co-operative Societies (Second Amendment) Act, 1985, recover, in any manner whatsoever, on account of interest, a sum greater than the amount of the principal of the loan :]
Provided that, nothing in this section shall apply to a loan exceeding one lakh rupees given by a Co-operative Agriculture and Rural Multipurpose Development Bank to any member.
